德康醫療 (DXCM) 2022 Q3 法說會逐字稿

Hello, and welcome to the Dexcom Third Quarter 2022 Earnings Release Conference Call. My name is Michelle, and I will be your operator for today's conference. (Operator Instructions) As a reminder, today's conference is being recorded.

您好，歡迎來到 Dexcom 2022 年第三季度收益發布電話會議。我的名字是 Michelle，我將擔任今天會議的接線員。 （操作員說明）提醒一下，今天的會議正在錄製中。

I will now turn the call over to Mr. Sean Christensen. Sir, you may begin.

我現在將把電話轉給肖恩·克里斯滕森先生。先生，您可以開始了。

Thank you, operator, and welcome to Dexcom's Third Quarter 2022 Earnings Call. Our agenda begins with Kevin Sayer, Dexcom's Chairman, President and CEO, who will summarize our recent highlights and ongoing strategic initiatives; followed by a financial review and outlook from Jereme Sylvain, our Chief Financial Officer. (Operator Instructions)

謝謝運營商，歡迎參加 Dexcom 的 2022 年第三季度財報電話會議。我們的議程從 Dexcom 的董事長、總裁兼首席執行官 Kevin Sayer 開始，他將總結我們最近的亮點和正在進行的戰略舉措；隨後是我們的首席財務官 Jereme Sylvain 的財務審查和展望。 （操作員說明）

Please note that there are also slides available related to our third quarter performance on the Dexcom Investor Relations website on the Events and Presentations page.

請注意，在 Dexcom 投資者關係網站的活動和演示頁面上，還有與我們第三季度業績相關的幻燈片。

With that, let's review our safe harbor statement. Some of the statements we will make in today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs and expectations about future events, strategies, competition, products, operating plans and performance. All forward-looking statements included in this presentation are made as of the date hereof based on information currently available to Dexcom and are subject to various risks and uncertainties. And actual results could differ materially from those anticipated in the forward-looking statements.

有了這個，讓我們回顧一下我們的安全港聲明。我們將在今天的電話會議中做出的一些陳述可能構成前瞻性陳述。這些陳述反映了管理層對未來事件、戰略、競爭、產品、運營計劃和績效的意圖、信念和期望。本演示文稿中包含的所有前瞻性陳述均基於 Dexcom 目前可獲得的信息作出，並受到各種風險和不確定性的影響。實際結果可能與前瞻性陳述中的預期存在重大差異。

The factors that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements are detailed in Dexcom's Annual Report on Form 10-K, most recent quarterly report on Form 10-Q and other filings with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements after the date of this presentation or to conform these forward-looking statements to actual results.

Dexcom 的 10-K 表格年度報告、10-Q 表格的最新季度報告和其他提交給證券公司的文件詳細說明了可能導致實際結果與這些前瞻性陳述中任何明示或暗示的結果存在重大差異的因素和交易委員會。除法律要求外，我們不承擔在本演示文稿發布之日後更新任何此類前瞻性陳述或使這些前瞻性陳述符合實際結果的義務。

Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP with respect to our non-GAAP and cash-based results. Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis.

此外，在電話會議期間，我們將討論某些尚未根據 GAAP 編制的關於我們的非 GAAP 和基於現金的業績的財務措施。除非另有說明，否則所有對財務指標的引用均以非公認會計原則為基礎。

The presentation of this additional information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP. Please refer to the tables in our earnings release and the slides accompanying our third quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure.

不應孤立地考慮提供此附加信息或作為結果的替代品或優於根據公認會計原則編制的結果。請參閱我們的收益發布中的表格和我們第三季度收益演示文稿隨附的幻燈片，以將這些指標與其最直接可比的 GAAP 財務指標進行對賬。

Now I will turn it over to Kevin.

現在我將把它交給凱文。

Thank you, Sean, and thank you, everyone, for joining us today. Today, we reported another strong quarter for Dexcom with third quarter organic revenue growth of 20% compared to the third quarter of 2021. Our teams executed incredibly well as we work to advance our strategic initiatives while preparing for the largest product launch in our company's history.

謝謝你，肖恩，也謝謝大家今天加入我們。今天，我們報告了 Dexcom 又一個強勁的季度，與 2021 年第三季度相比，第三季度有機收入增長了 20%。我們的團隊執行得非常出色，我們努力推進我們的戰略計劃，同時為公司歷史上最大的產品發布做準備.

In the U.S., we saw continued momentum after our strong second quarter new customer starts with ongoing loyalty among endocrinologists and growing traction with primary care physicians. We are finding these physicians eager to engage with our teams as they learn more about the clinical benefits and superior outcomes that Dexcom CGM can provide their patients.

在美國，在我們強勁的第二季度新客戶開始於內分泌學家的持續忠誠度和初級保健醫生的日益增長的牽引力之後，我們看到了持續的勢頭。我們發現這些醫生渴望與我們的團隊合作，因為他們更多地了解 Dexcom CGM 可以為他們的患者提供的臨床益處和卓越的結果。

While we expect these primary care relationships to be critical to our long-term customer aspirations, they also help us better serve the intensive insulin-using population in the U.S. today. The domestic core market still has a long runway of growth ahead as we expect the vast majority of the population to adopt CGM to help them better manage their health.

雖然我們預計這些初級保健關係對我們的長期客戶願望至關重要，但它們也有助於我們更好地服務於當今美國密集使用胰島素的人群。國內核心市場仍有很長的增長空間，因為我們預計絕大多數人口將採用 CGM 來幫助他們更好地管理自己的健康。

Outside the U.S., our team continued to deliver customer access wins this quarter. One example, in August, the NHS announced the inclusion of Dexcom ONE on prescription via the England, Wales, Scotland and Northern Ireland drug tariff for everyone with type 1 diabetes and type 2 intensively managed diabetes. This announcement meaningfully expanded access to Dexcom within these markets as our previous reimbursement was generally limited to a smaller population of higher-risk individuals.

在美國以外，我們的團隊在本季度繼續贏得客戶訪問。例如，在 8 月，NHS 宣布通過英格蘭、威爾士、蘇格蘭和北愛爾蘭的藥品關稅將 Dexcom ONE 納入處方，用於所有患有 1 型糖尿病和 2 型強化管理糖尿病的人。該公告有意義地擴大了在這些市場中對 Dexcom 的訪問，因為我們之前的報銷通常僅限於少數高風險人群。

Importantly, this is a clear example of how we can leverage our portfolio strategy to reach many more people with diabetes across the globe. Whether we use Dexcom ONE to enter new geographies or to improve access within existing markets, there is a large opportunity to expand our reach. In many cases, these are segments of the market that have lacked product choice for customers. So providing Dexcom's leading real-time CGM solution is being welcomed enthusiastically from customers and health systems alike.

重要的是，這是我們如何利用我們的投資組合戰略來接觸全球更多醣尿病患者的一個明顯例子。無論我們使用 Dexcom ONE 進入新的地區還是改善現有市場的准入，都有很大的機會來擴大我們的影響力。在許多情況下，這些市場細分市場缺乏客戶的產品選擇。因此，提供 Dexcom 領先的實時 CGM 解決方案受到了客戶和衛生系統的熱烈歡迎。

As many of you have seen, we were also very excited to initiate our full OUS launch of G7 following a successful limited launch. G7 is now available in the United Kingdom, Ireland, Germany, Austria and Hong Kong. We have been looking forward to this day for a long time as we view G7 is not only a major step forward for Dexcom but for the entire diabetes technology market.

正如你們中的許多人所看到的，我們也很高興在成功的有限發布之後啟動我們對 G7 的全面 OUS 發布。 G7 現已在英國、愛爾蘭、德國、奧地利和香港上市。我們期待這一天已經很久了，因為我們認為 G7 不僅是 Dexcom 的重要一步，也是整個糖尿病技術市場的重要一步。

This is a game-changing launch. As we often say, G7 takes everything about G6 and makes it better. It has a 60% smaller form factor, 30-minute warm-up time, 12-hour grace period to allow customers to choose a convenient time to change sensors, an improved app experience and more. All of this while building upon the product performance and accuracy that has earned the trust of our customers and clinicians.

這是一個改變遊戲規則的發布。正如我們常說的，G7 繼承了 G6 的一切，並使其變得更好。它具有縮小 60% 的外形尺寸、30 分鐘的預熱時間、12 小時的寬限期（允許客戶選擇方便的時間來更換傳感器）、改進的應用程序體驗等等。所有這一切都建立在贏得客戶和臨床醫生信任的產品性能和準確性之上。

These advancements were specifically designed to improve the lives of our customers, and that is being recognized by our earliest G7 users. The feedback from our launch has been incredibly positive, which adds to our confidence that this product will take Dexcom to the next level.

這些進步是專門為改善我們客戶的生活而設計的，這已被我們最早的 G7 用戶所認可。我們推出的反饋非常積極，這增加了我們對這款產品將 Dexcom 提升到新水平的信心。

We are moving quickly to make this life-changing technology available broadly around the world, and we'll be rolling out G7 across a steady cadence of additional geographies over the next several months. In the U.S., we have responded to the FDA, and our G7 regulatory pathway is tracking in line with expectations we shared last quarter. We completed the necessary software changes in response to the feedback we received from the agency and subsequently validated the data to ensure the software is operating as designed.

我們正在迅速採取行動，使這種改變生活的技術在全球範圍內廣泛使用，並且我們將在接下來的幾個月內以穩定的節奏在其他地區推出 G7。在美國，我們已經對 FDA 做出了回應，我們的 G7 監管途徑正在跟踪我們上個季度分享的預期。我們根據從該機構收到的反饋完成了必要的軟件更改，隨後驗證了數據以確保軟件按設計運行。

These efforts position us well to receive G7 clearance before the end of the year. This is a very exciting time for us. We believe this is the product of the future for Dexcom, and we are working diligently to make that product accessible to a much broader population, not only the intensive insulin-using population but moving into people with type 2 diabetes on basal insulin only, noninsulin-using type 2s, gestational, hospital, metabolic health and beyond.

這些努力使我們能夠在年底前獲得 G7 批准。這對我們來說是一個非常激動人心的時刻。我們相信這是 Dexcom 未來的產品，我們正在努力使該產品可供更廣泛的人群使用，不僅是密集使用胰島素的人群，還包括僅使用基礎胰島素、非胰島素的 2 型糖尿病患者- 使用 2 型、妊娠、醫院、代謝健康等。

Along those lines, there is a growing body of evidence, demonstrating outcomes beyond the intensive insulin-using population, including a recently published study in Diabetes Technology & Therapies. This study assessed the benefits of Dexcom CGM for a population of predominantly noninsulin-using type 2 individuals. Similar to our MOBILE study, it demonstrated meaningful reductions in A1c levels and improvements in time and range across the study group.

沿著這些思路，越來越多的證據表明了超出密集使用胰島素的人群的結果，包括最近發表在糖尿病技術與治療上的一項研究。本研究評估了 Dexcom CGM 對主要不使用胰島素的 2 型人群的益處。與我們的 MOBILE 研究類似，它表明 A1c 水平顯著降低，並且整個研究組的時間和範圍有所改善。

Notably, the largest improvements in time and range came from the cohort being treated with one or less medication per day. This suggests that a sizable opportunity exists to help individuals earlier in their diabetes journey, potentially preventing escalation of the disease. This has meaningful long-term health implications for those starting on CGM and also holds promise to reduce the economic burden on our health system associated with progression of diabetes.

值得注意的是，時間和範圍的最大改進來自每天使用一種或更少藥物治療的隊列。這表明存在一個相當大的機會來幫助早期的糖尿病患者，從而可能防止疾病的升級。這對那些開始使用 CGM 的人具有有意義的長期健康影響，並有望減少與糖尿病進展相關的衛生系統的經濟負擔。

CMS clearly recognized this potential in 2017 when they became one of the first global payers to cover CGM for people with intensively managed type 2 diabetes, and they appear ready to lead yet again in customer care. In early October, CMS published a proposed local coverage determination that would again meaningfully expand CGM for the Medicare population.

CMS 在 2017 年清楚地認識到了這一潛力，當時他們成為全球首批為密集管理的 2 型糖尿病患者提供 CGM 的支付方之一，他們似乎準備再次在客戶服務領域處於領先地位。 10 月初，CMS 發布了一項擬議的當地覆蓋範圍決定，該決定將再次有意義地擴大醫療保險人群的 CGM。

Once finalized, this proposal would expand Medicare coverage to include the basal-only population as well as noninsulin-using individuals that have experienced hypoglycemia. This proposal is in direct response to the clinical outcomes demonstrated in our MOBILE trial, where Dexcom proved to meaningfully improve time and range for this population.

一旦最終確定，該提案將擴大醫療保險的覆蓋範圍，以包括僅基礎人群以及經歷過低血糖的非胰島素使用個體。該提議是對我們在 MOBILE 試驗中展示的臨床結果的直接響應，在該試驗中，Dexcom 被證明有效地改善了這一人群的時間和範圍。

Since publishing that data, we have been expecting a reimbursement decision and applaud CMS for taking the lead. Coverage for the basal-only population alone would allow us to help significantly more people in the U.S. as we size that population approximately 3 million individuals.

自發布該數據以來，我們一直在期待報銷決定，並為 CMS 帶頭鼓掌。僅基礎人口的覆蓋範圍將使我們能夠幫助美國更多的人，因為我們將人口規模調整為大約 300 萬人。

This will be the first major reimbursement expansion beyond the intensively managed space and one that we expect to be the first of many. Historically, CMS has often led commercial payers on coverage decisions, and we anticipate the same dynamic to occur here.

這將是集中管理空間之外的第一次重大報銷擴展，我們預計這將是眾多報銷中的第一次。從歷史上看，CMS 經常在承保決策上引導商業付款人，我們預計這裡也會發生同樣的動態。

However, we're not stopping here. We will continue to advocate for the millions of additional individuals that could benefit from access to real-time CGM. There is a massive opportunity ahead for Dexcom.

但是，我們不會止步於此。我們將繼續為數百萬可以從訪問實時 CGM 中受益的人提供支持。 Dexcom 面臨著巨大的機遇。

With that, I'll turn it over to Jereme for a review of the third quarter financials. Jereme?

有了這個，我將把它交給傑里姆來審查第三季度的財務狀況。傑里姆？

Thank you, Kevin. As a reminder, unless otherwise noted, the financial metrics presented today will be discussed on a non-GAAP basis. Reconciliations to GAAP can be found in today's earnings release as well as on our IR website.

謝謝你，凱文。提醒一下，除非另有說明，否則今天提出的財務指標將在非公認會計原則的基礎上進行討論。可以在今天的收益發布以及我們的 IR 網站上找到與 GAAP 的對賬。

For the third quarter of 2022, we reported worldwide revenue of $770 million compared to $650 million for the third quarter of 2021, representing growth of 20% on an organic basis. As a reminder, our definition of organic revenue excludes currency in addition to non-CGM revenue acquired in the trailing 12 months.

2022 年第三季度，我們報告的全球收入為 7.7 億美元，而 2021 年第三季度為 6.5 億美元，有機增長 20%。提醒一下，我們對有機收入的定義不包括貨幣以及過去 12 個月內獲得的非 CGM 收入。

U.S. revenue totaled $573 million for the third quarter compared to $490 million in the third quarter of 2021, representing a growth of 17%. Momentum continues to grow in our U.S. business. We saw initial signs of an inflection in late Q1 and have been encouraged to see those positive customer trends continue in the months that followed.

第三季度美國收入總額為 5.73 億美元，而 2021 年第三季度為 4.9 億美元，增長 17%。我們美國業務的勢頭繼續增長。我們在第一季度末看到了拐點的初步跡象，我們很高興看到這些積極的客戶趨勢在接下來的幾個月中繼續存在。

This resulted in a reacceleration in revenue growth in the third quarter. The investments we have made in our salesforce over the past year are starting to pay off. We instituted new salesforce tools earlier this year to make calls more efficient. And today, our team is yielding productivity metrics in line with our high expectations.

這導致第三季度收入增長重新加速。過去一年我們對銷售人員的投資開始得到回報。今年早些時候，我們建立了新的銷售人員工具，以提高通話效率。今天，我們的團隊正在產生符合我們高期望的生產力指標。

We have also taken steps recently to simplify access for people in the United States by creating multiple cash pay options. We are seeing growing demand coming from outside our current reimbursement landscape, including the type 2 nonintensive space. So we established these programs to help serve these customers as we work to broaden access.

我們最近還採取措施，通過創建多種現金支付選項來簡化美國人的訪問。我們看到來自當前報銷環境之外的需求不斷增長，包括 2 類非密集空間。因此，我們制定了這些計劃來幫助服務這些客戶，同時我們努力擴大訪問範圍。

International revenue grew 22%, totaling $196 million in the third quarter. International organic revenue growth was 28% for the third quarter. Our international business continues to deliver impressive results as access initiatives completed over the past year are helping us gain market share.

第三季度國際收入增長 22%，總計 1.96 億美元。第三季度國際有機收入增長 28%。我們的國際業務繼續取得令人矚目的成果，因為過去一年完成的訪問計劃正在幫助我們獲得市場份額。

For example, in Australia, we are seeing very positive response to the recently expanded reimbursement for G6. Within weeks, we saw an uptick in demand. And currently, our new customers are trending around 3x higher than prior to this expanded access.

例如，在澳大利亞，我們看到對最近擴大 G6 報銷的反應非常積極。幾週之內，我們看到需求上升。目前，我們的新客戶的趨勢是擴大訪問之前的 3 倍左右。

We have seen this dynamic play out again and again, where broader access can serve as an almost immediate catalyst to demand. As a result, we will continue to prioritize our efforts to make Dexcom CGM accessible to many more people across the globe.

我們已經看到這種動態一次又一次地上演，更廣泛的訪問幾乎可以立即成為需求的催化劑。因此，我們將繼續優先考慮讓全球更多人可以訪問 Dexcom CGM。

Our third quarter gross profit was $494.2 million or 64.2% of revenue compared to 68.7% of revenue in the third quarter of 2021. Similar to last quarter, the launch of G7 creates a difficult year-over-year comparison on gross margin as G7 development costs are now included in COGS. This dynamic accounts for some of the expected step down compared to 2021.

我們第三季度的毛利潤為 4.942 億美元，佔收入的 64.2%，而 2021 年第三季度佔收入的 68.7%。與上一季度類似，隨著 G7 的發展，G7 的推出造成了毛利率的同比困難比較成本現在包含在 COGS 中。與 2021 年相比，這種動態是部分預期下降的原因。

Additionally, there were 70 basis point negative impact on gross margin from currency. Absent this, gross margin would have been approximately 65%. Operating expenses were $333 million for the third quarter of 2022 compared to $320 million in the third quarter of 2021.

此外，貨幣對毛利率的負面影響為 70 個基點。如果沒有這一點，毛利率將約為 65%。 2022 年第三季度的運營費用為 3.33 億美元，而 2021 年第三季度為 3.2 億美元。

Our focus on cost management was on full display this quarter as we generated over 600 basis points of operating expense leverage despite ongoing investment to support our growth. We drove leverage in every category of spend this quarter, while simultaneously offsetting inflationary pressures. Our focus will continue to be on generating leverage in nonvariable expenses while reinvesting those savings into our global commercial infrastructure.

我們對成本管理的關注在本季度得到了充分展示，儘管我們正在進行投資以支持我們的增長，但我們產生了超過 600 個基點的運營費用槓桿。我們在本季度提高了每個支出類別的槓桿率，同時抵消了通脹壓力。我們的重點將繼續放在對非可變費用產生槓桿作用，同時將這些節省再投資到我們的全球商業基礎設施中。

Operating income was $160.8 million or 20.9% of revenue in the third quarter of 2022 compared to $123.8 million or 19% of revenue in the same quarter of 2021 as our significant operating expense leverage more than offset gross margin declines in the quarter. Adjusted EBITDA was $226.6 million or 29.4% of revenue for the third quarter compared to $173.5 million or 26.7% of revenue for the third quarter of 2021.

2022 年第三季度的營業收入為 1.608 億美元，佔收入的 20.9%，而 2021 年同期的營業收入為 1.238 億美元，佔收入的 19%，因為我們顯著的運營費用槓桿抵消了本季度毛利率的下降。第三季度調整後 EBITDA 為 2.266 億美元，佔收入的 29.4%，而 2021 年第三季度為 1.735 億美元，佔收入的 26.7%。

Net income for the third quarter was $111.9 million or $0.28 per share. We remain in a great financial position, closing the quarter with approximately $2.4 billion worth of cash and cash equivalents.

第三季度的淨收入為 1.119 億美元或每股 0.28 美元。我們仍然處於良好的財務狀況，本季度末現金和現金等價物價值約為 24 億美元。

We reached a new high watermark in terms of free cash flow this quarter, generating over $180 million of free cash. This provides us the flexibility to support our ongoing growth opportunity while also assessing any strategic uses of capital on an ongoing basis.

我們在本季度的自由現金流方面達到了新的高水位，產生了超過 1.8 億美元的自由現金。這為我們提供了支持我們持續增長機會的靈活性，同時還可以持續評估資本的任何戰略用途。

Our largest use of capital continues to be the buildup of our Malaysia manufacturing plant. Construction continues to progress on schedule, and we expect this facility to be producing commercial product by mid next year. This facility will provide us the necessary scale and manufacturing efficiency to support our long-term cost targets.

我們最大的資金用途仍然是建立我們的馬來西亞製造工廠。建設繼續按計劃進行，我們預計該設施將在明年年中生產商業產品。該設施將為我們提供必要的規模和製造效率，以支持我們的長期成本目標。

During the third quarter, we also executed our previously announced accelerated share repurchase program, purchasing over 550 million of outstanding shares. This allowed us to reduce the dilution associated with our 2023 convertible notes while buying back our shares at what we viewed as an attractive price point.

在第三季度，我們還執行了我們之前宣布的加速股票回購計劃，購買了超過 5.5 億股流通股。這使我們能夠減少與 2023 年可轉換票據相關的稀釋，同時以我們認為具有吸引力的價格點回購我們的股票。

Turning to guidance. We are updating our full year 2022 revenue guidance to a range of $2.88 billion to $2.91 billion. For margins, we are updating our full year guidance to the following. We are reducing our gross profit margin guidance to approximately 64%, down from 65% previously. And we are maintaining our previous operating margin and adjusted EBITDA margin guidance at 16% and 25%, respectively. This guidance factors in another sizable uptick in currency headwinds relative to expectations we shared a quarter ago.

轉向指導。我們將 2022 年全年收入指引更新至 28.8 億美元至 29.1 億美元之間。對於利潤率，我們將全年指導更新為以下內容。我們將毛利率指引從之前的 65% 下調至約 64%。我們將之前的營業利潤率和調整後的 EBITDA 利潤率指引分別維持在 16% 和 25%。相對於我們一個季度前的預期，這一指導因素導致貨幣逆風再次大幅上升。

We now expect approximately $55 million of foreign currency headwinds for the full year relative to our prior estimate of around $40 million. This currency impact is the primary reason we found it prudent to reduce our gross margin guidance for 2022.

我們現在預計全年外匯逆風約為 5500 萬美元，而我們之前的估計約為 4000 萬美元。這種貨幣影響是我們發現謹慎降低 2022 年毛利率指引的主要原因。

However, we reiterated our operating margin guidance as we expect to offset the additional foreign exchange pressure through ongoing operating expense leverage. We have been able to navigate through a shifting economic environment well to date, but we are certainly not immune to macro pressure.

然而，我們重申了我們的營業利潤率指引，因為我們希望通過持續的營業費用槓桿來抵消額外的外匯壓力。迄今為止，我們已經能夠很好地應對不斷變化的經濟環境，但我們當然不能免受宏觀壓力的影響。

Leading economic indicators continue to point to additional uncertainty in the coming quarters. So we are working proactively to offset these impacts where we can. All these dynamics could create incremental challenges to work through in the near term. We are as bullish as ever about our underlying business and the opportunity ahead for Dexcom.

領先的經濟指標繼續指向未來幾個季度的更多不確定性。因此，我們正在積極努力，盡可能抵消這些影響。所有這些動態都可能在短期內帶來更多挑戰。我們一如既往地看好我們的基礎業務和 Dexcom 的未來機會。

With that, I will pass it back to Kevin.

有了這個，我會把它傳回給凱文。

Thanks, Jereme. Our third quarter was characterized by sharp execution and delivering results in line with what we said we were going to do. We're committed to launching G7 internationally in the third quarter, and now we have G7 in 5 different countries with more following closely behind.

謝謝，傑里姆。我們第三季度的特點是執行力強，交付的結果與我們所說的一致。我們致力於在第三季度在國際上推出 G7，現在我們在 5 個不同的國家擁有 G7，並且緊隨其後。

We said that our growth rates in the U.S. would reaccelerate as the underlying trends in the business remain strong, and we delivered on an acceleration in the growth rate. We committed to advancing our G7 regulatory process in the U.S., and our efforts this quarter leave us on track for a clearance before the end of the year.

我們表示，隨著業務的基本趨勢保持強勁，我們在美國的增長率將重新加速，並且我們實現了增長率的加速。我們承諾在美國推進 G7 監管程序，本季度的努力使我們有望在年底前獲得批准。

We said that the basal-only coverage would be a matter of when, not if. Now we have more clarity around when. We will continue to operate with this type of focus on execution going forward.

我們說過，僅基礎覆蓋只是時間問題，而不是是否。現在我們更清楚什麼時候了。我們將繼續以這種專注於執行的方式運營。

Finally, as we move into Q&A, we have Jake Leach with us. We recently announced the promotion of Jake to the role of Chief Operating Officer, providing him with end-to-end responsibility for product. With almost 2 decades of experience at Dexcom and serving most recently as our Chief Technology Officer, nobody knows G7 and our product road map better than Jake.

最後，當我們進入問答環節時，Jake Leach 和我們在一起。我們最近宣布將 Jake 提升為首席運營官，為他提供端到端的產品責任。憑藉在 Dexcom 近 2 年的經驗，最近擔任我們的首席技術官，沒有人比 Jake 更了解 G7 和我們的產品路線圖。

I would now like to open up the call for Q&A. Sean?

我現在想打開問答電話。肖恩?

Thank you, Kevin. (Operator Instructions) Operator, please provide the Q&A instructions.

謝謝你，凱文。 （操作員說明）操作員，請提供問答說明。

(Operator Instructions) The first question comes from Jeff Johnson with Baird.

（操作員說明）第一個問題來自 Jeff Johnson 和 Baird。

Kevin, I thought I'd start with a question on your international business. You guys have been benefiting in the last few quarters from recent access wins. You talked about those in the prepared remarks.

凱文，我想我先問一個關於你的國際業務的問題。在過去的幾個季度中，你們一直從最近的訪問勝利中受益。你在準備好的評論中談到了這些。

One of your competitors this quarter was dealing with some company-specific issues. So it's kind of hard to get a good feel for what's going on maybe underlying demand trends outside the U.S.

本季度您的一個競爭對手正在處理一些公司特有的問題。因此，很難很好地了解美國以外的潛在需求趨勢。

So I guess the questions are, are you seeing anything tied to macro uncertainties in your international markets? And with a lot of your international markets paid for through nationalized health care systems, do you consider international to be more or less, I guess, macro sensitive compared to your U.S. business?

所以我想問題是，您是否看到與您的國際市場中的宏觀不確定性有關的任何事情？由於您的許多國際市場是通過國有化醫療保健系統支付的，與您的美國業務相比，您認為國際市場或多或少對宏觀敏感嗎？

Jeff, I may ask Jereme to help me on that. I'll take a first pass. We have learned in our U.S. markets getting access and getting reimbursement through these government agencies is absolutely critical and key to driving growth. As we've had wins in the U.K., we've had wins in Spain. We've continued to have wins in Germany as we've shifted price to create more access. That's what's driving our growth. We're getting access to more people who can use our technology and use our better product.

傑夫，我可以請傑里姆幫我解決這個問題。我會先通過。我們在美國市場了解到，通過這些政府機構獲得准入和報銷絕對是推動增長的關鍵和關鍵。正如我們在英國取得勝利一樣，我們在西班牙也取得了勝利。隨著我們改變價格以創造更多機會，我們繼續在德國取得勝利。這就是推動我們成長的動力。我們正在接觸更多可以使用我們的技術並使用我們更好的產品的人。

For right now, we haven't seen any macro trends that would make us feel that this isn't going to continue. As we get more access, we will continue to grow and do well. Dexcom ONE is going to be a home run for us. G7 is doing very well out of the gate. We look very much forward to a great year internationally in '23. I don't know, Jereme, if you want to add to that.

目前，我們還沒有看到任何宏觀趨勢會讓我們覺得這種情況不會繼續下去。隨著我們獲得更多訪問權限，我們將繼續發展並做得很好。 Dexcom ONE 將成為我們的本壘打。 G7 在校門外的表現非常好。我們非常期待 23 年國際化的美好一年。我不知道，傑里姆，如果你想補充一下。

No, Jeff, outside the U.S., historically, there's been a cost-sensitive approach towards care -- health care. And that's where Dexcom ONE has really played a major role for us of winning some additional access outside the U.S.

不，傑夫，在美國以外，從歷史上看，有一種對成本敏感的護理方法——醫療保健。這就是 Dexcom ONE 在我們贏得美國以外的一些額外訪問方面真正發揮了重要作用的地方。

So we do believe that providing these opportunities around multiple systems to address the need both more acute and less acute, it provides us really a differentiation. So we continue to expect to do well there.

因此，我們確實相信，圍繞多個系統提供這些機會來解決更緊迫和不那麼緊迫的需求，它為我們提供了真正的差異化。所以我們繼續期待在那裡做得很好。

And we'll keep you posted if we start to see anything change in terms of macroeconomic demand starting to dampen individual access. But for now, what we see is a great opportunity and an opportunity given our product portfolio do very, very well there.

如果我們開始看到宏觀經濟需求方面的任何變化開始抑制個人准入，我們會及時通知您。但就目前而言，我們看到的是一個很好的機會，而且鑑於我們的產品組合在那裡做得非常好，這是一個機會。

The next question in the queue comes from Robbie Marcus with JPMorgan.

隊列中的下一個問題來自摩根大通的 Robbie Marcus。

Great. Congrats on a really good quarter. Maybe I'll ask about the basal opportunity, and this is really exciting here. I just want to try and set expectations for how we should think about updates to the model.

偉大的。祝賀一個非常好的季度。也許我會問基本的機會，這真的很令人興奮。我只是想嘗試為我們應該如何考慮模型更新設定期望。

First off, when do you think this can really start to -- when should it start to impact the model and add new patients? And I realize it's about 1/3 of patients are Medicare.

首先，您認為什麼時候可以真正開始——它應該什麼時候開始影響模型並增加新患者？我意識到大約 1/3 的患者是醫療保險。

And then expectations, if you have them for reimbursement, should this be at the normal Medicare rate, meaning higher than the pharmacy right now? And when should we start to think about commercial plans coming online?

然後期望，如果你有他們報銷，這應該是正常的醫療保險費率，這意味著高於現在的藥房嗎？我們什麼時候應該開始考慮商業計劃上線？

You know what, I'll start with the big picture things. We're starting commercial plans and talking about this now. This is such a big event for us and such a big win that we'd be stupid not to. So we are thinking about this now.

你知道嗎，我將從大局開始。我們正在開始商業計劃並正在討論這個問題。這對我們來說是一個如此大的事件和如此大的勝利，如果我們不這樣做是愚蠢的。所以我們現在正在考慮這個問題。

Our product offerings, our distribution strategy and all those things, Robbie, as far as when it's exactly going to hit and go into your models, that's something we'll discuss later. We know the time frame for this can be anywhere from like 4, 5 to 9 months out as we work through this. But we're confident we're going to get through it.

Robbie，我們的產品供應、我們的分銷策略和所有這些東西，至於它何時會真正影響並進入您的模型，這是我們稍後將討論的內容。我們知道，在我們完成這項工作時，時間範圍可能是 4、5 到 9 個月不等。但我們相信我們會度過難關。

We're just thrilled with the ruling, and we are thrilled that we could be part of this. Our data from the MOBILE study was a large component in pushing this initiative across the finish line because we saw how well those people did. Jereme, if you want to get into more specifics on the numbers side, go ahead.

我們對這項裁決感到很興奮，我們很高興我們可以參與其中。我們來自 MOBILE 研究的數據是推動這項計劃跨越終點線的重要組成部分，因為我們看到了這些人的表現。 Jereme，如果您想了解更多關於數字方面的細節，請繼續。

Absolutely. So Robbie, the way we're thinking about it now is really -- it's likely a second half 2023 event just given the time. And so expect that, but we'll give you more clarity as to how much the contribution is as we guide for 2023.

絕對地。所以羅比，我們現在考慮的方式是真的——考慮到時間，這可能是 2023 年下半年的活動。所以期待這一點，但我們會讓您更清楚地了解我們在 2023 年指導的貢獻是多少。

In terms of commercial payers following, we do expect to see that as you certainly think of Medicare Advantage plans. But even as you have folks really progressing throughout their journey, we know that this product ultimately reduces cost from the system, improves lives and outcomes. And so we do expect those to come along as well.

就商業付款人的關注而言，我們確實希望看到您肯定會想到 Medicare Advantage 計劃。但是，即使人們在整個旅程中真正取得進步，我們也知道該產品最終會降低系統成本，改善生活和結果。因此，我們確實希望這些也會出現。

In terms of reimbursement, the way that CMS typically reimburses it is based on qualification, and this is an expansion of the category of qualification. And so thus far, it looks like it's reimbursed in line with the existing qualifications.

在報銷方面，康哲藥業的報銷方式通常是基於資質，這是資質類別的擴展。到目前為止，看起來它已經按照現有的資格進行了報銷。

And at the end of the day, it's incumbent upon us, and we think we continue to show it that the economic benefits of putting somebody on CGM far outweigh the costs. And so it's on us to continue to show that evidence, and we think we can continue to prove that as more and more evidence comes. So we'll get back to you a little bit later in terms of the expectations of 2023 contribution that should give you a feel for what we expect over the coming year.

歸根結底，這是我們的責任，我們認為我們將繼續表明，讓某人加入 CGM 的經濟效益遠遠超過成本。因此，我們有責任繼續展示這些證據，我們認為隨著越來越多的證據出現，我們可以繼續證明這一點。因此，我們稍後會就 2023 年貢獻的預期與您聯繫，這應該讓您對我們對來年的預期有所了解。

The next question in the queue comes from Matthew Blackman with Stifel.

隊列中的下一個問題來自 Stifel 的 Matthew Blackman。

I have another question on basal. Also, as we try to think about modeling the annual value of these less invasive patients, what is a reasonable way to think about where frequency for a basal patient? We've heard varying feedback from clinicians. And frankly, it's been tracking higher than we would have thought, maybe a 20-plus days per month, but I can't tell if there's any early adopter SKU in that. Just any thoughts there would be helpful. Appreciate it.

我還有一個關於基礎的問題。此外，當我們試圖考慮對這些侵入性較小的患者的年價值進行建模時，什麼是考慮基礎患者頻率的合理方法？我們從臨床醫生那裡聽到了不同的反饋。坦率地說，它的跟踪速度比我們想像的要高，可能每月 20 多天，但我不知道其中是否有任何早期採用者 SKU。任何想法都會有所幫助。欣賞它。

Yes. I'll maybe draw you back to the MOBILE study, which -- the MOBILE study was really targeted at folks wearing it full time, which was the basis for CMS coverage. And so I think what we would expect to see is as folks get on to therapy, we would expect a relatively similar utilization.

是的。我可能會讓你回到 MOBILE 研究，該研究實際上是針對全職佩戴它的人，這是 CMS 報導的基礎。所以我認為我們期望看到的是，隨著人們開始接受治療，我們期望相對相似的利用率。

There might be dips in between it for here and there a day, here or there a day, here and there as product is coming in. But for the most part, we expect full-time wear, and that's how we've seen folks get the most benefit. So I'd expect it from there.

隨著產品的進入，它可能會在這里和那裡一天，在這里或那裡一天，在這里和那里之間有所下降。但在大多數情況下，我們期望全職穿著，這就是我們看到人們的方式獲得最大的利益。所以我會從那裡期待它。

Clearly, this is a new market for us, but all the early work we've done around patient satisfaction, patient results, these folks have wanted to wear it. They wanted to wear it full time. And so we expect that to be the baseline going forward.

顯然，這對我們來說是一個新市場，但我們圍繞患者滿意度、患者結果所做的所有早期工作，這些人都想穿上它。他們想全職穿。因此，我們希望這將成為未來的基準。

The next question in the queue comes from Margaret Kaczor with William Blair.

隊列中的下一個問題來自 Margaret Kaczor 和 William Blair。

I wanted to talk a little bit about U.S. growth. Obviously, you saw a really nice acceleration from Q2 to where we are in Q3. So can you provide any context around the growth in new patient adds, how that's trended going into Q3 and more specifically in Q4? And I know you'll love this, but going into '23, all of this growth is coming in advance of G7 in basal. So why shouldn't we assume even more of an acceleration to occur for several quarters from now?

我想談談美國的增長。顯然，您看到從第二季度到第三季度的加速非常好。那麼，您能否提供有關新患者增加增長的任何背景信息，以及進入第三季度，更具體地說是第四季度的趨勢如何？而且我知道你會喜歡這個，但是進入 23 年，所有這些增長都在 G7 基礎之前到來。那麼為什麼我們不應該假設從現在開始的幾個季度會出現更多的加速呢？

Sure. Yes. Happy to talk about the patient trends. So what we saw kind of rewind back Q2, a record for us. Q3, early feedback is it's at least equivalent of that of Q2, and we'll even get more data here soon. So Q3 was another very strong new patient add quarter for us.

當然。是的。很高興談論患者的趨勢。所以我們看到第二季度的倒退，對我們來說是一個記錄。 Q3，早期反饋至少與 Q2 相當，我們甚至會很快在這裡獲得更多數據。所以第三季度對我們來說是另一個非常強大的新患者添加季度。

And so when we talked last about and expecting a reacceleration, that was on Q2 and an expectation of a strong Q3. I think we had a very, very strong Q3. And quite frankly, we expect a strong Q4. That's where you see that reacceleration in the U.S. So very bullish on that particular opportunity.

因此，當我們最後一次談論並期待重新加速時，那是在第二季度，並且對第三季度強勁的預期。我認為我們有一個非常非常強勁的第三季度。坦率地說，我們預計第四季度會表現強勁。這就是你看到美國重新加速的地方。因此非常看好這個特定的機會。

And you are right, that is with G6. And so we obviously are very excited about the ability to offer G7 to the U.S. population. As it pertains to momentum and moving into '23, we'll talk about that as we give guidance in 2023. But I think the takeaway here is we are still very bullish on this business, very bullish on the opportunity and ecstatic about the opportunity to offer G7.

你是對的，那就是 G6。因此，我們顯然對能夠向美國民眾提供 G7 感到非常興奮。由於它與勢頭和進入 23 年有關，我們將在 2023 年提供指導時討論這一點。但我認為這裡的要點是我們仍然非常看好這項業務，非常看好機會並對機會欣喜若狂提供G7。

The next question in the queue comes from Matthew O'Brien with Piper Sandler.

隊列中的下一個問題來自 Matthew O'Brien 和 Piper Sandler。

Great. Maybe, Jereme, just if you could put a little bit finer point on basal for next year? I know you said second half of next year, and you're expecting a lot of wear. But it's going to be pretty early days. A lot of things got to work through.

偉大的。也許，傑里姆，只是如果你能在明年的基礎上再提一點點？我知道你說的是明年下半年，你期待很多磨損。但這還為時尚早。很多事情都得解決。

So is it fair to think of it as a fairly modest contributor next year? And then this might be a kind of a [silly] question, but you have got G7 coming out next year and then you're going to have new basal patients. Just talk about manufacturing for all these products you're going to need over the next several years.

那麼，將其視為明年的一個相當溫和的貢獻者是否公平？然後這可能是一個 [愚蠢的] 問題，但明年 G7 會問世，然後你會有新的基礎患者。只需談談未來幾年您將需要的所有這些產品的製造。

Sure. Yes. Let me start with the -- maybe the model expectation. We have Jake here. And I think it will be good for him to talk through the manufacturing.

當然。是的。讓我從——也許是模型期望開始。我們這裡有傑克。而且我認為他會通過製造業進行交談。

So in terms of how to model it out, Kevin alluded to it earlier. Generally, there's about a 6- to 9-month period where look, there's a proposal, and things have to go through. And so as folks start to open up coverage, that's why we expect that coverage to really start in the back half.

所以在如何建模方面，凱文早些時候提到過。一般來說，大約有 6 到 9 個月的時間來尋找、提出建議，然後事情必須經過。因此，隨著人們開始開放報導，這就是為什麼我們希望報導真正從後半區開始。

And again, this is a recurring revenue business. So there will be a contribution we expect in 2023. How material, we're going to size that up, and we'll make sure that we -- as we size it up for you, we'll give you the context for how we're guiding to it in 2023 so you understand our assumptions.

同樣，這是一項經常性收入業務。因此，我們預計將在 2023 年做出貢獻。我們將對其進行評估，我們將確保我們 - 在為您評估它時，我們將為您提供有關如何進行評估的背景信息我們將在 2023 年指導它，以便您了解我們的假設。

If things come earlier or things go faster or slower, we'll certainly give you that clarity so that you have it. But our expectation is there's a contribution. How material, it's going to take a little bit of time as that grows, but still a contribution and really momentum exiting '23 into 2024. But in terms of capacity, maybe let me turn it over to Jake to give you some context there.

如果事情來得更早或進展得更快或更慢，我們肯定會為您提供清晰的信息，以便您擁有它。但我們的期望是有貢獻。多麼重要，隨著它的增長，這將需要一點時間，但從 23 年到 2024 年仍然是一個貢獻和真正的動力。但就容量而言，也許讓我把它交給 Jake 給你一些背景。

Yes. Thanks, Jereme. So from a capacity perspective, we've been gearing up for this G7 launch for quite a while. So we've got G7 lines installed here in San Diego as well as in Mesa. And so we feel really good about our position to meet the needs of our full G7 U.S. launch as well as the international launches that will continue throughout the year.

是的。謝謝，傑里姆。所以從容量的角度來看，我們已經為這次 G7 的發布做準備已經有一段時間了。所以我們在聖地亞哥和梅薩都安裝了 G7 生產線。因此，我們對自己的地位感到非常滿意，可以滿足我們在美國全面推出 G7 的需求，以及將在全年繼續進行的國際推出。

Also to remind you that we've got our Malaysia plant coming online the next year. So that should also help boost our capacity. And so I feel really good about the ability to both provide G6 and G7 product.

同時提醒您，我們的馬來西亞工廠將於明年上線。所以這也應該有助於提高我們的能力。因此，我對能夠同時提供 G6 和 G7 產品的能力感到非常滿意。

The next question in the queue comes from Joanne Wuensch with Citi.

隊列中的下一個問題來自花旗的 Joanne Wuensch。

Dexcom ONE launched in, I think you said 6 geographies outside the United States. How is that ramping? How should we think about that contributing? Because I was starting to put together in my mind like your core base business, you layer on top of that G7 benefit. You layer on top of that Dexcom ONE and, of course, basal. What's the layer for Dexcom ONE?

Dexcom ONE 推出，我想你說的是美國以外的 6 個地區。那是如何加速的？我們應該如何看待這種貢獻？因為我開始像你的核心基礎業務一樣在我的腦海中進行整合，所以你在 G7 的利益之上。您在 Dexcom ONE 的基礎上進行分層，當然還有基礎。 Dexcom ONE 的層是什麼？

I'm not going to get into numbers, and we'll get into models later, Joanne. I can tell you, again, I'll reiterate our comments on the call. There are many geographies where CGM is accepted where we have been isolated to higher-risk patients, patients on pumps or severe hypoglycemia. And we were reimbursed more, but we were narrowly viewed.

我不打算討論數字，我們稍後會討論模型，喬安妮。我可以再次告訴你，我將重申我們對電話會議的評論。在許多地區接受 CGM 時，我們被隔離到高風險患者、使用泵或嚴重低血糖症的患者中。我們得到了更多的報銷，但我們被狹隘地看待。

In many of these geographies now with Dexcom ONE with our lower-cost offering, but with real-time CGM and the accuracy and other features we deliver, we're now able to go compete for those customers. That will be a very important level of business for us, particularly in Europe going forward and other countries and other places where we need to launch it.

在這些地區中的許多地區，現在有了 Dexcom ONE 的低成本產品，但憑藉我們提供的實時 CGM 以及準確性和其他功能，我們現在能夠與這些客戶競爭。這對我們來說將是一個非常重要的業務水平，尤其是在未來的歐洲以及我們需要啟動它的其他國家和其他地方。

That will be a layer -- I mean, our core business, our core G Series product is going to be our primary source of revenue for a while. But over time, you will see all these elements grow bigger and take a bigger piece of the pie. And Jereme, you build the models. You -- why don't you add a little more?

這將是一個層次——我的意思是，我們的核心業務，我們的核心 G 系列產品將在一段時間內成為我們的主要收入來源。但隨著時間的推移，你會看到所有這些元素變得更大，並佔據更大的份額。 Jereme，你建立模型。你——你為什麼不多加一點？

Yes. So Joanne, I completely understand the question and how to model it. I think what I would say is in 2022, this is a business just getting started. So it's not a material contributor in 2022.

是的。所以喬安妮，我完全理解這個問題以及如何建模它。我想我想說的是在 2022 年，這是一項剛剛起步的業務。所以它不是 2022 年的物質貢獻者。

However, we understand the challenge. And so we will make sure that we're able to identify what the contribution looks like as we start to give forward-looking guidance over time. So just rest assured, as that business gets bigger, we'll start to give you line of sight into that.

然而，我們理解挑戰。因此，當我們開始提供前瞻性指導時，我們將確保我們能夠確定貢獻的樣子。所以請放心，隨著業務的擴大，我們將開始為您提供視線。

For now, what's most important is we've unlocked an incredible amount of TAM. And that's super important as we think about how many new patients we're certainly going to be bringing in. So more to come there. We'll certainly help you with models going forward. But for now, just know Dexcom ONE is a relatively small contributor this year, and we'll talk about 2023 here in a few months.

目前，最重要的是我們已經解鎖了數量驚人的 TAM。這一點非常重要，因為我們考慮到我們肯定會帶來多少新患者。所以會有更多人來這裡。我們一定會幫助您開發模型。但就目前而言，只要知道 Dexcom ONE 是今年的一個相對較小的貢獻者，我們將在幾個月後在這裡討論 2023 年。

The next question in the queue comes from Jayson Bedford with Raymond James.

隊列中的下一個問題來自 Jayson Bedford 和 Raymond James。

Just a quick one. I may have missed this, but did you talk about volume growth in the quarter? And if not, can you? And maybe comment on any geographic differences.

只是一個快速的。我可能錯過了這一點，但是您是否談到了本季度的銷量增長？如果沒有，你可以嗎？並且也許評論任何地理差異。

Sure. Yes. So we were in the unit volume in the mid- to upper 30s globally. In terms of the performance, the U.S. was slightly below that but still in the mid-30s, and OUS was slightly above that in the upper 30s. And so really just continued strong momentum in that patient cohort or that underlying patient volume.

當然。是的。因此，我們在全球範圍內處於 30 年代中期到 30 年代的單位體積。在表現方面，美國略低於這一水平，但仍處於 30 年代中期，而 OUS 則略高於 30 年代中期。因此，該患者隊列或潛在患者數量實際上只是繼續保持強勁勢頭。

The next question in the queue comes from Larry Biegelsen with Wells Fargo.

隊列中的下一個問題來自富國銀行的拉里·比格爾森。

This is Nathan Treybeck on for Larry. In terms of your comments around G7 U.S. launch timing by year-end, is there anything that still needs to be done? And then how soon after the approval do you expect a full launch? And how should we think about the ramp? Is there any reason why it should be different than the G6?

這是拉里的內森·特雷貝克。關於您對年底 G7 美國啟動時間的評論，還有什麼需要做的嗎？然後，您希望在批准後多長時間內全面啟動？我們應該如何看待坡道？有什麼理由讓它與 G6 不同嗎？

Yes. Thanks for the question. This is Jacob. I'll take that one. So yes, we responded to the FDA in Q3 with the answers to their final questions. And so we feel really good about how that positions us for approval in Q4, so before the end of the year.

是的。謝謝你的問題。這是雅各布。我會拿那個。所以是的，我們在第三季度對 FDA 做出了對他們最後問題的回答。因此，我們對這如何使我們在第四季度獲得批准感到非常滿意，所以在今年年底之前。

We're really planning our launch to occur in Q1. So that will be a full launch and the -- our status with the FDA is we've gone back and forth. We're feeling really good about this being kind of the end of the review period. And so we're very confident in that Q4 approval timing and a Q1 U.S. launch.

我們真的計劃在第一季度推出。所以這將是一次全面的發布，我們在 FDA 的地位是我們來回走動。我們對這是審查期的結束感到非常高興。因此，我們對第四季度的批准時間和第一季度在美國的發布非常有信心。

The next question in the queue comes from Matt Taylor with Jefferies.

隊列中的下一個問題來自 Jefferies 的 Matt Taylor。

I actually wanted to double-click on some of your commentary on Dexcom ONE and thinking about your portfolio strategy as you get G7 out there. I guess, can you talk a little bit more about how you're going to use G7, G6 and ONE together to kind of meet customers where they're at in different markets around the world? What are some of the different flavors or different ways you could use that portfolio?

實際上，我想雙擊您對 Dexcom ONE 的一些評論，並在您推出 G7 時考慮您的投資組合策略。我想，你能多談談你將如何使用 G7、G6 和 ONE 來結識世界各地不同市場的客戶嗎？您可以使用該投資組合有哪些不同的風格或不同的方式？

Yes, this is Kevin. I'll take that at a high level. Certainly, our G Series product, our G7 is going to be our flagship product, we roll it out. And that will be -- we're very comfortable with that being a home run. There will be some countries where G6 is so new. It's not going to be prudent to go rush G7 into those geographies.

是的，這是凱文。我會在高水平上接受這一點。當然，我們的 G 系列產品，我們的 G7 將成為我們的旗艦產品，我們會推出它。那將是——我們很滿意這是一個本壘打。會有一些國家 G6 如此新。將 G7 推向這些地區是不明智的。

We can let that customer base grow while we expand others. So we look at G6 and G7 in a very similar light as far as their features, the connectivity and all the things that they do. With Dexcom ONE currently on a G6 platform, we have areas where we need to grow, and we need to get there fast. And that product will remain on the G6 platform. We're not ready to move it to G7 anyway.

我們可以在擴大其他客戶群的同時讓該客戶群增長。因此，就其功能、連接性和所做的所有事情而言，我們以非常相似的方式看待 G6 和 G7。 Dexcom ONE 目前在 G6 平台上，我們有需要發展的領域，我們需要快速到達那裡。該產品將保留在 G6 平台上。無論如何，我們還沒有準備好將其移至 G7。

We're going to use our existing G7 capacity to sell G7s in the beginning and strengthen ourselves in our current business and where we are doing very well now with our partners and everybody else. Ultimately Dexcom ONE will shift to that platform, and we'll roll out that way. So as you look at Dexcom ONE, we've said many times that product is for 2 major purposes.

我們將利用我們現有的 G7 能力在一開始就銷售 G7，並在我們目前的業務以及我們現在與我們的合作夥伴和其他所有人都做得很好的領域加強我們自己。最終，Dexcom ONE 將轉向該平台，我們將以這種方式推出。因此，當您查看 Dexcom ONE 時，我們已經多次說過該產品有兩個主要目的。

The first one is to go into new geographies where we can do an online e-commerce type business and launch it as we have in those first 4 countries, in countries where CGM is reimbursed. But again, we have this situation where there are 2 types of CGMs they will pay for the -- that for the high-risk patient and connectivity and with those features that we've always had on the G Series.

第一個是進入新的地區，在那裡我們可以開展在線電子商務類型的業務，並像我們在前 4 個國家一樣，在 CGM 報銷的國家推出它。但同樣，我們遇到這種情況，他們將為兩種類型的 CGM 付費——用於高風險患者和連接，以及我們在 G 系列上一直具有的那些功能。

And then the other area, we are using Dexcom ONE as a vehicle to get into those markets and utilize our capacity to go sell sensors and serve customers there and give them a better experience than they've ever had before. And that is the plan for right now.

然後在另一個領域，我們使用 Dexcom ONE 作為進入這些市場的工具，並利用我們的能力去銷售傳感器並為那裡的客戶提供服務，並為他們提供比以往更好的體驗。這就是現在的計劃。

The next question in the queue comes from Marie Thibault with BTIG.

隊列中的下一個問題來自 BTIG 的 Marie Thibault。

Wanted to ask one here on your comments on cash pay in the U.S. Unless I'm mistaken, I believe that's a recent shift or a new shift for Dexcom strategy? Would love to hear a little bit more about how that's being rolled out and how patients and providers are hearing about that cash pay option.

想在這裡詢問您對美國現金支付的評論。除非我弄錯了，否則我認為這是 Dexcom 戰略的最近轉變或新轉變？希望聽到更多關於如何推出以及患者和提供者如何聽到現金支付選項的信息。

Yes, sure. Thanks for the question. This is Jereme. It's a bit of a change. I'd say it's an addition or an augment to an existing strategy. So we've always believed that access is incredibly important. And we believe that over the long term, access is at the basis of adoption.

是的，當然。謝謝你的問題。這是傑里姆。這有點改變。我會說這是對現有戰略的補充或補充。所以我們一直認為訪問非常重要。我們相信，從長遠來看，訪問是採用的基礎。

However, there are some certain populations out there that have high interest in the product that continue to want to use the product to manage their diabetes. And we felt that this was a way to allow them to do so while we work on that access.

然而，有一些特定人群對該產品有很高的興趣，他們繼續希望使用該產品來管理他們的糖尿病。我們認為這是一種允許他們在我們進行訪問時這樣做的方式。

And so what we are doing is we're launching multiple different versions of cash pays. We'll have those being promoted here shortly to targeted populations. And what the goal here is that folks don't have coverage, while we work in the background to get coverage, basal is a good opportunity, a good example, I should say.

因此，我們正在做的是推出多種不同版本的現金支付。我們很快就會讓這些人在這裡被提升到目標人群。這裡的目標是人們沒有報導，而我們在後台工作以獲得報導，基礎是一個很好的機會，一個很好的例子，我應該說。

They can't get the product for a discounted price. And the price is less than 50% of what -- the cost of them is 50% less than what it historically would have been. So real good opportunity, multiple different options, multiple different ways we're going to be rolling it out.

他們無法以折扣價獲得產品。而且價格不到原來的 50%——它們的成本比歷史上的低 50%。如此真正的好機會，多種不同的選擇，多種不同的方式，我們將推出它。

You'll see some marketing materials around it soon. But I would -- I think this is a great thing for access. I think it's a great thing for folks who have been looking to get on a Dexcom that, for whatever reason, haven't been able to, to allow them to do so.

您很快就會看到一些營銷材料。但我會-- 我認為這對訪問來說是一件很棒的事情。我認為對於那些一直希望獲得 Dexcom 的人來說，無論出於何種原因，都無法讓他們這樣做，這是一件很棒的事情。

The next question in the queue comes from Kyle Rose with Canaccord.

隊列中的下一個問題來自 Canaccord 的 Kyle Rose。

So obviously, the G7 launch, you're starting in a few countries now, going to move into the U.S. in the Q1 next year. Just how should we be thinking about gross margins when we -- when you turn on those facilities and then in particular, the Malaysian facility coming online as well? Just how should we think about the COGS line over the course of the next 18 months?

所以很明顯，G7 的發布，你現在從幾個國家開始，明年第一季度進入美國。當我們打開這些設施，特別是馬來西亞設施也上線時，我們應該如何考慮毛利率？在接下來的 18 個月裡，我們應該如何看待 COGS 生產線？

Yes. So the best way -- good question. The best way to think about it is in the first quarter in which we turn on lines, you generally have a dip in gross margin. And that's the initial set up the yields. We'll give you guys a little bit more line of sight into cadence as we get into 2023 guidance.

是的。所以最好的方法——好問題。考慮它的最佳方式是在我們打開線路的第一季度，您通常會出現毛利率下降。這就是初始設置的收益率。隨著我們進入 2023 年指南，我們將為你們提供更多關於節奏的視線。

But as you turn on those lines, the first sets, the yields are a little bit lower. You're absorbing in depreciation. And then as those yields start to improve, you start to get a better gross margin run on those.

但是當你打開這些線時，第一組，產量會低一點。你正在吸收折舊。然後隨著這些收益率開始提高，你開始獲得更好的毛利率。

So I think the expectation is you'll have some blips there in the periods in which we launch into certain countries, specifically U.S. And then as more and more folks transition off of G6 to G7 and those increase, you're going to see those margins improve.

所以我認為，在我們進入某些國家，特別是美國的時期，你會有一些小插曲，然後隨著越來越多的人從 G6 過渡到 G7 並且這些增加，你會看到那些利潤率提高。

Longer term, G7, we can make at a lower cost than G6. And so it's just this transitory. We'll help you out on the modeling as we get into 2023 guidance, but as you're trying to get your head around what the cadence looks like when we turn online, that's the expectation of when you'll have the dip and then a recovery after that.

從長遠來看，G7，我們可以以比 G6 更低的成本製造。所以這只是暫時的。當我們進入 2023 年的指導方針時，我們將幫助您進行建模，但是當您試圖了解我們上線時的節奏時，這是您何時會下降的預期，然後之後的恢復。

And the next question in the queue is Steven Lichtman with Oppenheimer.

隊列中的下一個問題是奧本海默的 Steven Lichtman。

As we think about some of these new opportunities from the LCD, I'm wondering in the near term how things are progressing on the intensive type 2 side. With -- given the comments you made in terms of primary care doc progress as well as the work you've done on coverage, can you update us on where you guys -- do you think the market is in terms of penetration intensive type 2s? And are the pieces in place for that just to continue to expand meaningfully in the coming couple of -- 2 years?

當我們考慮來自 LCD 的一些新機會時，我想知道在短期內，密集型 2 方面的進展情況如何。鑑於您在初級保健文檔進展方面所做的評論以及您在報導方面所做的工作，您能否向我們介紹一下你們在哪裡-您認為市場是在滲透密集型 2 型方面嗎?是否已經準備好在接下來的兩年內繼續有意義地擴展？

Thanks for the question. We continue to do very, very well. So if you think about kind of where that type 2 intensive penetration is, it's surpassing 35%.

謝謝你的問題。我們繼續做得非常非常好。因此，如果您考慮一下第 2 類密集型滲透率在哪裡，它會超過 35%。

In terms of how we're doing, I think couple of maybe data points, which I think is helpful. First off, record new patients, Q2. Q3 is in line with that based on early feedback, could even be a little bit higher. And so you're seeing patients coming in, which is just an indication of more and more folks adopting where a good majority of those are coming from that type 2 intensive population. It's our fastest-growing segment.

就我們的工作方式而言，我認為可能有幾個數據點，我認為這很有幫助。首先，記錄新患者，Q2。 Q3 與基於早期反饋的結果一致，甚至可能更高一些。所以你會看到病人進來，這只是表明越來越多的人採用了其中大部分來自 2 型密集人群。這是我們增長最快的部分。

I think you also think about it from a context of who we call on. And as we look at our sales team, we talk about productivity, more than 3/4 of the calls we make are now to primary care physicians. And that's because that's where we're looking to expand over time.

我認為您也可以從我們呼籲的人的背景中考慮這一點。當我們審視我們的銷售團隊時，我們談論的是生產力，我們現在打的電話中有超過 3/4 是打給初級保健醫生的。那是因為那是我們希望隨著時間的推移而擴展的地方。

So I think what we've done in expanding the salesforce last year and really focusing on those sales tools, thinking about the type 2 intensive and then beyond, basal and beyond, I think you're really seeing that play out. And you're seeing some very strong growth in that type 2 intensive segment, and it sets us up well for that basal segment.

所以我認為我們去年在擴大銷售人員方面所做的工作，並真正專注於那些銷售工具，考慮第 2 類密集型，然後超越基礎和超越，我認為你真的看到了這種情況。而且您看到該類型 2 密集型細分市場的增長非常強勁，它為我們的基礎細分市場奠定了良好的基礎。

The next question in the queue comes from Matthew Miksic with Barclays.

隊列中的下一個問題來自巴克萊銀行的 Matthew Miksic。

Maybe just a follow-up on some of the questions about how the ramp-up of G7. It is a little bit of a modeling question, not really at all sort of a guidance question. But just in terms of how the portfolio comes together and works maybe following up on Kyle's question on ramping up these new lines.

也許只是關於 G7 如何加速發展的一些問題的後續行動。這有點像建模問題，而不是真正的指導問題。但就投資組合如何組合和運作而言，可能會跟進凱爾關於增加這些新產品線的問題。

Can you talk a little bit about channel, how the sort of middle of the P&L might respond or flex as you kind of get into some of the different opportunities you're talking about? Is there a channel synergy across all of these? Do you expect to have to kind of spend into some of these opportunities and then get leverage over time? Maybe if you could talk a little bit about that, that would be super helpful.

你能談談渠道嗎？當你接觸到你所說的一些不同的機會時，損益表的中間部分可能會如何反應或彎曲？所有這些是否存在渠道協同效應？您是否期望不得不在其中一些機會上花費一些錢，然後隨著時間的推移獲得影響力？也許如果你能談談這個，那將是非常有幫助的。

Yes, sure. So the line -- the way you think about the lines, and this is the way we've set it up is Dexcom ONE physical form factor cost to manufacture, not necessarily cost to support and how we service it, but really the physical product. Dexcom ONE is very similar to G6. There are other features that G6 has, but hardware is very similar.

是的，當然。所以生產線——你對生產線的看法，這就是我們設置它的方式，是 Dexcom ONE 物理外形的製造成本，不一定是支持成本和我們如何服務它，而是真正的物理產品. Dexcom ONE 與 G6 非常相似。 G6 還有其他功能，但硬件非常相似。

And it's very similar in G7. G7 lines and eventually Dexcom ONE will migrate to a G7 line. And so as you think about these products, then it becomes a question of price point and then how we ultimately service the patient there. So that's the way to think about it.

這在 G7 中非常相似。 G7 線和最終 Dexcom ONE 將遷移到 G7 線。因此，當您考慮這些產品時，它就變成了價格點的問題，以及我們最終如何為那裡的患者服務的問題。所以這就是思考它的方式。

Over time, as we go into certain markets depending on price point, it's got much less to do with what I would say is the physical product itself. We grow into those markets over time through economies of scale.

隨著時間的推移，當我們根據價格點進入某些市場時，它與我所說的實物產品本身的關係要小得多。隨著時間的推移，我們通過規模經濟進入這些市場。

And so that's one of the reasons we believe with Dexcom ONE, there's a real great opportunity here. The economies of scale for us are massive. And by going into those markets, we certainly can grow into that profitability profile.

這就是我們相信 Dexcom ONE 的原因之一，這裡有一個真正的好機會。對我們來說，規模經濟是巨大的。通過進入這些市場，我們當然可以成長為這種盈利能力。

So as you think down the middle of the P&L, certainly, as you go into Dexcom ONE, there could be a slight margin differentiation, but those economies of scales help offset it. We also look at the service model, and we're able to manage the service model in a different way.

因此，當您考慮損益表的中間時，當然，當您進入 Dexcom ONE 時，可能會有輕微的利潤率差異，但這些規模經濟有助於抵消它。我們還研究了服務模型，我們能夠以不同的方式管理服務模型。

So the ultimate operating margin contribution is the same. So that's how we think about it. And so as you're modeling it through, that's how I would think about it.

所以最終的營業利潤率貢獻是一樣的。所以我們就是這麼想的。因此，當您對其進行建模時，這就是我的想法。

Yes. I'd just add to that. And I don't want this lost on the call. Take a look at our operating performance this quarter. Record cash flows as a former CFO is something I love to hear. And so we have managed our business very tightly.

是的。我只是補充一下。而且我不希望這在通話中丟失。看看我們本季度的經營業績。作為前首席財務官記錄現金流是我喜歡聽到的。因此，我們非常嚴格地管理我們的業務。

As we look at these work streams and these new product lines, your question is very appropriate. And we do have work streams about our cost to serve our patients, our cost to develop our new products, our manufacturing costs given all these new things we're doing. We are looking at the cost structure of the company every bit as much as we're looking at the product launches.

當我們查看這些工作流程和這些新產品線時，您的問題非常恰當。我們確實有關於為患者服務的成本、開發新產品的成本、考慮到我們正在做的所有這些新事物的製造成本的工作流程。我們正在關注公司的成本結構，就像我們關注產品發布一樣。

So we can make sure that when we get to the end of this road with these launches and with these products and new markets and new products that we have operating margins that are acceptable to us as we increase our customer base dramatically.

因此，我們可以確保當我們通過這些發布以及這些產品、新市場和新產品走到這條路的盡頭時，我們的營業利潤率是我們可以接受的，因為我們會大幅增加我們的客戶群。

The next question in the queue comes from Joshua Jennings with Cowen.

隊列中的下一個問題來自 Joshua Jennings 和 Cowen。

I wanted to just ask about the sequential acceleration in 3Q of revenue growth. And if you could quantify or just qualitatively describe the contributions from your new pump partner.

我只想問一下第三季度收入增長的連續加速。如果您可以量化或僅定性地描述新泵合作夥伴的貢獻。

And just on that topic, if you can just remind us the requirements once G7 is approved to integrate G7 into the Tandem and insulin pumps. Any steps that you can highlight and what your expectations are on that front? And can anything be done in front of G7 approval with your partners?

就這個話題，如果你能提醒我們一旦 G7 被批准將 G7 集成到串聯泵和胰島素泵中的要求。您可以強調的任何步驟以及您在這方面的期望是什麼？在 G7 與您的合作夥伴批准之前可以做任何事情嗎？

Sure, I'll start with the contribution. And let me turn it over to Jake, who is our maestro on product development and understanding products.

當然，我將從貢獻開始。讓我把它交給 Jake，他是我們在產品開發和理解產品方面的大師。

In terms of contribution, look, we're very excited about both Tandem and Insulet products. And as they launch more and more products that we are obviously integrated with, we expect it to contribute.

在貢獻方面，看，我們對 Tandem 和 Insulet 產品都感到非常興奮。隨著他們推出越來越多顯然與我們集成的產品，我們希望它能夠做出貢獻。

Now quantifying that and having those contributions, it's a little bit difficult to do given some products -- some folks were already on Dexcom CGM will bring in a pump, and some folks pull over. So as time moves on, we'll be able to really tease that apart.

現在量化這一點並擁有這些貢獻，考慮到某些產品，這有點困難——有些人已經在 Dexcom CGM 上會帶來一個泵，有些人會停下來。因此，隨著時間的推移，我們將能夠真正將其分開。

But I think what we would say is we're still bullish on the opportunity of folks ultimately using our product with these incredible pump partners. I'll leave it at that just because it gets hard to contribute. Again, we'll be able to retrospectively give feedback as time moves on. But let me give it to Jake in terms of the connectivity and the timelines on G7.

但我認為我們要說的是，我們仍然看好人們最終與這些令人難以置信的泵合作夥伴一起使用我們的產品的機會。我會把它留在那裡，因為它很難做出貢獻。同樣，隨著時間的推移，我們將能夠回顧性地提供反饋。但是，讓我把 G7 的連通性和時間表交給 Jake。

Yes. Thanks, Jereme. So on G7 integration with our pump partners, basically, the steps are to make a few updates on the pump side to take advantage of the new features that are within G7 such as the fast warm up as well as the grace period. And so those groups are already -- they have been already working on that for quite a while. And so we do see great progress on those integrations. They've gone through kind of final steps of development and validation. So a lot of that work can be, to your point, done ahead of time.

是的。謝謝，傑里姆。因此，在 G7 與我們的泵合作夥伴的集成中，基本上，步驟是在泵方面進行一些更新，以利用 G7 中的新功能，例如快速預熱和寬限期。所以這些小組已經 - 他們已經為此工作了很長一段時間。因此，我們確實看到了這些集成方面的巨大進步。他們已經完成了開發和驗證的最後步驟。因此，就您而言，很多工作都可以提前完成。

And so when it comes to a specific timing of approvals and launches, we'll leave that to our pump partners. But we're progressing very rapidly, and we do expect them to be integrated soon.

因此，當涉及到批准和發布的具體時間時，我們將把它留給我們的泵合作夥伴。但我們的進展非常迅速，我們確實希望它們能夠很快整合。

One thing I'll note is that on our other side on the digital health partners, for example, in Europe where we have G7 out, those that are connected to our real-time API already have G7 integrations. For example, Sugarmate is a group that's already consuming G7 data within their app at the beginning of the launch. So very excited about the opportunity to bring more to the ecosystem with G7.

我要指出的一件事是，在我們的數字健康合作夥伴的另一邊，例如，在我們推出 G7 的歐洲，那些連接到我們實時 API 的合作夥伴已經擁有 G7 集成。例如，Sugarmate 是一個在發布之初就已經在其應用程序中使用 G7 數據的團體。非常高興有機會通過 G7 為生態系統帶來更多東西。

We have no further questions at this time. So I will turn the call over to Mr. Sayer for closing remarks.

目前我們沒有其他問題。因此，我將把電話轉給 Sayer 先生做閉幕詞。

Thanks a lot, everybody. This was a great quarter for us with growth, with excitement related to our product launches, expanding global access and performance on the bottom line as well. In a time when the world is in a lot of chaos, we've done what we said we were going to do yet again. Our teams are just executing very well as we press towards the end of the year and look to build momentum next year.

非常感謝大家。對於我們來說，這是一個很好的增長季度，與我們的產品發布、擴大全球訪問和底線績效相關的興奮。在這個世界陷入混亂的時代，我們已經完成了我們說過要做的事情。我們的團隊執行得非常好，因為我們在年底前加緊努力，並希望在明年建立勢頭。

I want to thank our team members for their hard work to strive towards these goals. It is all hands-on deck to get G7 done, to get Dexcom ONE out in these markets and do all the things that we are trying to do. But I want to close with a special note. I want to thank all the members of the diabetes community that have been working together to help improve access to CGM technology.

我要感謝我們的團隊成員為實現這些目標而付出的辛勤工作。完成 G7，讓 Dexcom ONE 在這些市場中脫穎而出，並完成我們正在嘗試做的所有事情，這一切都是親力親為的。但我想以一個特別的說明結束。我要感謝糖尿病社區的所有成員，他們一直在共同努力幫助改善 CGM 技術的獲取。

The recent CMS proposal represents a big win for people with diabetes, and we're only one member of a large group advocating for this result. This was a collective effort from the diabetes community on behalf of the diabetes community. We want to acknowledge all the hard work that led to this proposal, both inside and outside of Dexcom and share our excitement to help so many more people with diabetes in the U.S. live healthier lives, and it's only the beginning. Thanks a lot, everybody.

最近的 CMS 提案對糖尿病患者來說是一個巨大的勝利，我們只是倡導這一結果的一大群人中的一員。這是糖尿病社區代表糖尿病社區的集體努力。我們要感謝在 Dexcom 內部和外部促成這一提議的所有辛勤工作，並分享我們為幫助美國更多醣尿病患者過上更健康的生活而感到的興奮，而這僅僅是個開始。非常感謝大家。

Thank you, ladies and gentlemen. This will conclude today's teleconference. Thank you for participating. You may now disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。